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Other Great Team Members: Wezi, Molly, Rachel, Gary, Terry, Glenn, Dan
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Stuart CanzeriCo-Director & College Financial Planning SpecialistBA –Tulane University, MBA - Mercer, CFP - UGA
David HughesCo-Director & College Financial Planning SpecialistWalton High School Graduate, UGA Graduate
Dawn PattersonDirector of Client Service and Business Partnerships, PTA Chair, Mom
Combined 50 years of experience
Free Resource
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Free Junior Jumpstart GuideSave Time Less Effort Expertise Ways to save
On your phone, input this number: 44222
And type the word: “college411”
▪ Find Dream Colleges – a good mix
▪ Identify career pathways – begin with the end in mind
▪ Never overpay on college - regardless of situation
▪ Graduate on time – in 4 years
▪ Know before you go – down to the last penny
▪ Have a stress-free process - saving time and fostering great
communication with you and student
COLLEGE PLANNING
G o a l s f o r C o l l e g e P l a n n i n g P r o c e s s
• 510% increase over the last 10 years
• $2,701 per second
2016 Grad Class
• 7 in 10 graduates have student loans
• $37,000 on average
• $370/month pmt over 10 years
6
S t u d e n t D e b t C r i s i s
Public University (instate) $26,410
Public University (out) $42,229
Private University $52,272
Elite University $63,000 - $75,840*
Average Cost of College
Per Year
College is EXPENSIVE!
No Matter Where You Go!
hdps://secure-media.collegeboard.org/digitalServices/misc/trends/2014-trends-college-pricing-report-final.pdf
C o s t o f A n E x t ra Ye a r
Cost of an Extra Year
5th Year of College $30,105
Lost Salary for 1st YR $42,579
Total Loss $72,684
“Time Contributes to Cost!
H o p e Fa c t s & F i g u r e s
H o p e A w a r d
3.0 GPA (GSFC Hope calculation)– 80% Tuition
Z e l l A w a r d
3.7 GPA (GSFC Hope calculation)
and 1200 SAT (Math & Reading) / ACT 26
H o p e S c h o l a r s h i p R e t e n t i o n
▪ University of Georgia 60.9
▪ Georgia Tech 42.7
▪ Georgia College & State 38.4
▪ Georgia State 31.7
▪ Georgia Southern 28.7
▪ Kennesaw State 27.7
▪ University of West Georgia 18.3
▪ Clayton State 15.6
▪ University System Average 29.6
W h e r e t o B e g i n ?Failing to Plan is Planning to Fail- a very wise wife
College is a business.
*National Center for Education(NCES) Statistics for2013 cohort (for all 4 year institutions)
› collegescorecard.ed.gov› collegeboard.org› collegedata.com
Know Graduation Rates*
› Public Colleges
› 44.1% within 4 years
› 59.3% within 6 years
› Private Colleges
› 52.8% within 4 years
› 65.4% within 6 years
Know the value of the degree and major
Know internship and job placement opportunities
Know how financial aid is awarded
Academic Social Financial
Unicorn College
▪ Increase or Stabilize “Net Tuition Revenue” Streams
▪ Increase the Academic Profile of Entering FreshmanClass
▪ Increase Diversity
▪ Increase Retention
▪ Increases Size of the Institution
▪ Competition for Students
T h i s i s b i g b u s i n e s s
▪ Improve Student Persistence / Grad
Rates
▪ Achieve the College / University’s
Stated Mission
▪ Increases the Perceived Value,
Prestige, Visibility of Institution
▪ Rankings (i.e., Princeton Review,
U.S. News, etc.)
You’re making it difficult for me to be the parent I always imagined I would be.Confession of a Parent #634
College Selection & College Admissions Strategies
Financial Fit
Academic Fit
Social Fit
Applications
Essays
Testing
Financial Aid – For Everyone - Merit and Need Based Aid
Merit Aid
Need Based Aid
Outside Scholarships
3 Formulas
2 Forms
And So Much More
Tax Scholarships & Outside Scholarships
AOTC
Income Shifting
Asset Shifting
Employment Options
Easements / LLCs
Section 127
College Financial Planning & Funding
Resource Identification
Appeals & Awards
Four Year Funding Plan
Smart Loan Strategy
Comprehensive Planning
www.peachtreecollegeplanning.com/7-habits-of-a-successful-plan
Four Cornerstones of the College Planning Process
C o l l e g e S e l e c t i o n /A d m i s s i o n sOne Mountain. Many Paths.
T W O PAT H S TO C O L L E G E
W H I C H P A T H A R E Y O U O N ?
#1School
#1Career
#2Major
#3Career
#2Major
#3School
▪ Investigate Career and Major FIRST
▪ Create a List of Characteristics that are Important to You
▪ Score Every School Using the Same Criteria
▪ Use Your SCORESHEET When You Visit
W H I C H P A T H A R E Y O U O N ?
Safety Schools
Target Schools
Reach School
Assumption Will Cost You!
S e l e c t i n g t h e R I G H T C o l l e g e
✓ Size & Type of School – Research, Liberal Arts, Masters
✓ Majors Offered
✓ Internships
✓ Job Placement
✓ Liberal – Conservative
✓ Diversity
✓ Location
✓ Safety
✓ Campus Setting & Surrounding Setting
✓ Impact of outside scholarships
✓ Enrollment Yield
✓ Retention Rates
S e l e c t i n g t h e R I G H T Ty p e o f C o l l e g e
Financial Aid
✓ Who Gives it
✓ How do they give it
✓ What’s free and what needs to be paid back
✓ Are you Eligible
Return on Investment
✓ Job Placement
✓ Student’s Education Path
✓ Salaries for Majors
Diploma or Department?
✓ Department level
REALITY&QUALITY
Your Brochure…
REALITY&QUALITY But Could It Be This…
A C T / S AT T E S T SNothing will work unless you do. - Maya Angelou
Testing: A Critical Part of the Admissions Process
H.S. Grades in the Context of
Schedule Strength and Academic
Strength of School
Great return on investment of time and resources
Teacher Recommendations
SAT Subject Tests
Admissions Essay
Activities(Leadership, Depth)
SATACT
You walk through these doors one at a time. A super high SAT score cannot make up for a 1.5 GPA. A beautifully written essay will rarely trump an SAT
score below a school’s minimum range.
Content provided by www.applerouth.com
Case Studies
Junior
Putting it all together: Timeline
✓Financial Fit First – Know Before Your Go!✓Career search and aptitude testing if not done yet✓Grades, Grades, Grades✓Test Diagnostic for ACT/SAT✓SAT/ACT tests – look at schedules ✓Begin to focus on college list…safety, target, reach✓Schedule some Campus tours✓Begin to finalize cash flow plan✓Create your resume the right way✓Begin drafting application essays
F i n a n c i a l A i dNot Knowing Will Cost You
Financial Aid
Merit-based How is it awarded?
Scholarships awarded to recognizeoutstanding academic performance, talents or leadership.
Gift Aid = Scholarships
26
Need-based How is it awarded?
Awarded to those who demonstrate financial need.
Gift Aid = Scholarships & Grants
Self Help = Student Loans & Work Study
Financial Aid - Applications and Formulas
FAFSA
(Majority of Schools)
Federal
Formula (FM)
fafsa.ed.gov
October 1st
CSS Profile
(Select Elite Colleges)
Institutional
Formula (IM)
collegeboard.org
October 1st
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Expected Family Contribution (EFC)EFC is the minimum amount a family is expected to contribute toward the cost of college based on theparent’s and student’s income and assets, the size of the family, and number of students in college.
How Do I Know My Financial Fit?
Three Formulas Used to Determine a Student’s EFC
▪ Federal: Look at Fewer Assets, Determines Federal Aid Awards (Most Colleges)
▪ Institutional: Counts More Assets, Used for Institutional Aid Awards (around 400 Colleges)
▪ Consensus: Use by 23 Private Colleges
H o w N e e d - B a s e d F i n a n c i a l A i d i s C a l c u l a t e d = E F C
PARENT
CONTRIBUTION
STUDENT
CONTRIBUTION
INCOME ASSETS INCOME ASSETS
AID ADVANTAGE or TAX ADVANTAGE?
C a l c u l a t i n g E F C
W h a t A s s e t s a r e C o u n t a b l e ?
Countable▪ Cash (Wallet, Purse, Under Mattress, etc.)
▪ Checking Account
▪ Savings Account
▪ Stocks
▪ Bonds
▪ CDs
▪ Money Market
▪ Mutual Funds
▪ 529 Accounts for All Children (Not Just College Bound Student)
▪ Rental Property
▪ Vacation Home
▪ Stock Options
▪ Trust Accounts
▪ Student-Owned Assets
▪ Small Business Equity (Not “Family”)
▪ Retirement Accounts
▪ Annuities
▪ Home Equity
▪ Permanent Life Insurance CV
▪ Family Farm
▪ Small Business Assets (“Family” Owned and
Controlled – Fewer Than 101 Employees)
NOT COUNTABLE
W h a t H e l p s & H u r t s Yo u r F i n a n c i a l A i d
C a l c u l a t i n g F i n a n c i a l A i dHow do the colleges determine if my student is eligible?
▪ Some Schools Will Meet 100% of Need - Some 30-50% or Less▪ Some Schools Will Modify Your Need!▪ 3 Methodologies for Figuring Out EFC: Federal (FM), Institutional (IM), Consensus (CM)▪ You MUST Know These Statistics Before Applying!
COA
Tuition & FeesRoom & Board
BooksTransportation
Miscellaneous Expenses
EFC
Parent IncomeParent Assets
Student IncomeStudent Assets
The Maximum Amount of Need-Based Aid a
Family May Receive
Need
$60,000 $20,000 $40,000
Financial Aid -What type of family are you?
1. High Merit/Low Need
3. High Merit/High Need
4. Low Merit/High Need
2. Low Merit/Low Need
How can you cut the cost of college?
1. High Merit/Low Need
3. High Merit/High Need
4. Low Merit/High Need
2. Low Merit/Low Need
• 100% of Need Met
• Merit Aid
• Private Scholarship
• Test Prep
• EFC Reduction
• Non Need Merit Aid
• Private Scholarship
• School Selection
• Test Prep
• Tax Aid
• 100% of Need Met
• EFC Reduction
• Timely Applications
• School Selection
• Test Prep
• Tax Aid
W h e r e ’s t h e M o n e yNot Knowing Will Cost You
What about scholarships?
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*How America Pays for College 2014 Sallie Mae
Scholarships paid for 31% ($155 Billion) of thetotal cost of education
Private Scholarships
13%
Athletic Scholarships
1%
Institutional Grants and Scholarships
86%
Competitive PackageGrid/Automatic
Merit Aid = Gift AidInstitutional Scholarships
Merit vs. Need based financial aid policy
Merit Based Aid 100% of Need Met
www.collegedata.com
Yale University ($68,950) – College Board
83 Schools
P a y i n g f o r C o l l e g e
Putting It All Together
A s k Yo u r s e l f. . .
Pr ior i t i ze Your Object ives
Key Questions
Should educating your child cost your life savings?
You can borrow for college, can you borrow for retirement?
?
?
Being a champion in college funding should not mean retirement failure!
W h i c h f i n a n c i a l s t r a t e g i e s c a n y o u u s e ?
➢ FAFSA Optimization / Financial Aid Leveraging➢Asset Re-Position➢Tax Advantaged Planning➢ Income Shifting ➢Employee Stock Purchase Techniques➢Collegiate Bypass Trust➢ Smart Loan Planning➢Appeal Strategies
W H E R E TO S TA R T ?Together. Everyone. Achieves. More!
Free Resource
43
Free Junior Jumpstart GuideSave Time Less Effort Expertise Ways to save
On your phone, input this number: 44222
And type the word: “college411”
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